A few others I have heard about that have been RIF'd this year are also over 50. Did any of you get advised of the Decisional Unit and get a list of those who had been separated and their ages? I wonder if TD is staggering their layoffs, so they can balance the spread of ages in each layoff group.
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It’s all about low cost labor. Why employee someone in the US when the same job can be done out of the country for a fraction of the labor cost? At the same time, low cost resources are typically not as skilled and have no loyalty to TD and will leave for a better opportunity.
Absolutely. The industry has been doing this for some time already. Look at IBm. Or don’t :)
Is this a perpetual and rotating RIF? Do we hit an age or salary ceiling and become expendable? However they immediately replace people with younger or in many cases offshore resources to save costs? The company then divides and separates these so it appears there is no age discrimination?
Is this a perpetual and rotating RIF? Do we hit an age or salary ceiling and become expendable? However they immediately replace people with younger or in many cases offshore resources to save costs? The company then divides and separates these so it appears there is no age discrimination?
Older employees tend to be more senior and thus cost more. They rather let go of a experienced senior to hire 3 new grads. It is likely they are just ranking people by salary.
They break down the layoffs to a particular unit or manager. That way an age discrimination suit is very hard to win. I had the HR call, received the separation documentation via FEDEX the next day. Off to my Attorney shortly there after. He said the way TD does this is very slick. It would have cost much more to move forward with
the case than the separation payout would be. This guy is a strong DC area litigator and if we had a chance he would have jumped on the opportunity.
When did you get RIF'd? I am sorry that happened to you. I am over 50 and don't think I will be let go. A lot of people i know are over 55 and 60 and are confident they are staying in this reorg.
In general, the employees with the most customer / product / engineering experience will be older and more expensive. I don't think TD is targeting older employees, it just looks that way. That said, the fact TD continues to throw away their most valuable employees to hit short term earnings targets is proof the ELT has no plan other than to grab as much as they can before the company goes down in flames.